Matahari to Open Another Five New Stores This September - November Bringing Total Openings to Eight This Year

PT Matahari Department Store Tbk ("Matahari" or "Company"; stock code: "LPPF") is
expanding its business by planning to open a further five new stores from September to November this year. They will be located in Gowa (South Sulawesi), Bondowoso (East Java), Semarang (Central Java), Kendari (South East Sulawesi) and Bontang (East
Kalimantan). These stores are the fourth to eight stores to be opened this year, after
opening two new stores in Taman Anggrek Mall Jakarta and Plaza Ambarrukmo
Yogyakarta, and a new store in Tang City Banten set to open in August.

The new store in Gowa will be open in September, Bondowoso and Semarang in October, and Kendari and Bontang in November. The openings are in line with Matahari’s plan to accelerate expansion both in major cities as well as in the new emerging cities. A further two openings are slated for this year, subject to prevailing conditions, making total number of stores to be trading nationwide as 148 by the end of 2022. Matahari intends to open 12-15 stores in 2023 onwards.

"We are excited to open six new stores in the various cities soon. The expansion shows
our strong financial condition and commitment to give the Feel Good experience to our loyal customers by getting closer to our communities. We are optimistic with the long term economic prospects in Indonesia, and the new stores opening will create hundreds of job opportunities directly and in our surrounding areas as well as contribute to local economies’ growth,” said Terry O’Connor, CEO of Matahari.